A personal loan is a popular mode of short-term financing that helps you meet various monetary requirements. Multiple financial institutions including NBFCs offer this type of credit to eligible applicants. Their zero-end usage restrictions, attractive interest rates, and flexibility make them one of the most versatile and affordable financial tools available in the Indian financial market.
Personal loans are unsecured in nature, meaning a borrower won’t have to pledge any collateral to avail credit. It significantly reduces the concern involved with repayments; you will not have to worry about losing an asset if you fail to repay the debt within time.
However, because they are unsecured credits, lenders usually apply stricter restrictions to availing such credits. An applicant must have a pre-determined minimum credit rating, stable career, good financial history and fall within a pre-set category of the minimum salary for personal loan eligibility.
Low salary personal loan
Most financial institutions require minimum income criteria for anyone applying for a personal loan. However, one can also apply for a low salary loan if they do not fall within the income bracket.
There are certain factors you need to follow to get an inst ant personal loan with a low salary. Here are some of them.
- Improve your credit score –
You can avail a low salary loan if you have a good CIBIL score. Usually, lenders look for candidates who have credit ratings of 750 or higher. It shows that the borrower is responsible for the finances and has a higher chance of repaying the debt within the tenor.
You can utilise other short-term financing tools like credit cards to build your CIBIL score. Borrow smaller amounts and repay them within the due date, stay below 40% of credit utilisation ratio and your credit score should improve over time.
- Show an achievable repayment plan –
An attainable repayment plan can help you avail a personal loan for 15000 salary from a financial institution. For example, you can show that you have accumulated substantial savings or cleared off existing loans to improve cash flow for the new credit. You can utilise online tools like a personal loan EMI calculator to determine an EMI depending on the loan amount, tenor and interest rate and calculate repayments accordingly.
- Clear your line of credit –
Pay off your existing debts and improve your fixed obligation to income ratio before applying for a low salary personal loan as it can significantly improve the chances of approval. Lenders often look at a borrower’s FOIR to determine their repayment capability. Decreasing FOIR indicates availability of funds to make repayments, increasing your creditworthiness.
Need to check before applying that how much amount you can get with personal loan on your salary. You can approach your preferred lending institution directly or can visit their website and use an online personal loan eligibility checker to get the details.
Who offers instant personal loan to low-salaried individuals
Numerous financial institutions offer these types of credits. However, companies like Bajaj Finserv are one of the most popular lending organisations because the host of features and benefits they have to offer.
Their hassle-free and instant disbursal process ensures you get the amount within 24 hours of approval. You can also choose a flexible repayment tenor ranging from 12 to 60 months to clear the due.
You can meet the eligibility criteria for an instant personal loan even if your salary is less than Rs. 15,000 per month if you opt for the right lender. Maintain a good credit history to avail such loans easily.